News

New VAT refund program to benefit Dubai's Chinese tourists15/Oct/2019

Chinese tourists to Dubai can now benefit from instant VAT refund capabilities at Dubai Airports via the We Tax Refund on the WeChat Mini Program,

Dubai launches virtual company licence, costs Dh85003/Oct/2019

Dubai on Monday launched a virtual company licence which will cost Dh850 for a year, a senior official said. 

"I would like to

Global VCs bullish on Expo2020 Dubai17/Sep/2019

The UAE will accelerate its efforts more aggressively in the coming months to welcome talents from across the globe as it intends to offer its inno

Process VAT refunds only through official platforms: FTA14/Sep/2019

In response to reports that some bank customers have been receiving emails from unidentified sources impersonating banks and financial institutions

Dubai among best cities for Fintechs' economic potential21/Aug/2019

According to an fDi Intelligence inaugural study on financial technology locations, Dubai has been rated seventh, ahead of Kuala Lumpur, Shanghai a

Travelling to UAE? New VAT cash refund limit announced05/Aug/2019

The daily maximum limit for cash refunds of value-added tax (VAT) in UAE has been set at Dh7,000, it was announced on Sunday.

Sheikh

DIFC introduces new licences categories, reduces fees12/Jul/2019

Dubai International Financial Centre (DIFC) on Wednesday announce

UAE acts for transparency in tax, financial reporting11/Jul/2019

The UAE Cabinet recently introduced economic substance regulations effective April 30, 2019, which bring additional a

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Now, pay in Indian rupee at Dubai Duty Free shops05/Jul/2019

The change, however, will be returned in UAE dirhams.

Starting July 1, all Dubai D

Long-term UAE visa: All you need to know25/Jun/2019

The General Directorate of Residency and Foreigners Affairs, Dubai, on Tuesday shared details about the recently announced 10-year Gold Card r

Will VAT rate go up in GCC?18/Jun/2019

The GCC states will eventually increase value-added tax (VAT) rate, which is one of the lowest in the world, but it could take years before the reg

UAE's VAT collections exceeds expectations by a wide margin in 201807/Jun/2019

UAE residents paid Dh27 billion in value-added tax (VAT) last year, surpassing the government's target of collecting of Dh12 billion, an increa

SAIF Zone offers 100% foreign ownership, 100% tax exemption22/May/2019

More than 100 chairpersons and members of business councils as well as foreign investors interested in setting up businesses at the Sharjah Interna

VAT refunds for pavilions at Expo 2020 Dubai20/Apr/2019

Countries and inter-government agencies will be able to claim value-added tax (VAT) refunds for the costs incurred for the developments of pavilion

Dubai attracts Dh38.5 billion worth of FDI in 201808/Apr/2019

Dubai remained an attractive destination globally for foreign direct investment (FDI) as it recorded 41 per cent year-on-year growth in FDI last ye

UAE to issue equivalency for Indian degrees05/Apr/2019

In a huge relief for many expats, the Ministry of Education has agreed to issue equivalency for all Indian degrees that match the set criteria, the

UAE looks to Asia to expand trade25/Mar/2019

Be it rising China, fastest-growing India or the Belt and Road Initiative, the UAE is rightly-placed to capitalise on the global trade as this cent

Abu Dhabi waives new licence fees, cuts business setup charges at airports free zone14/Mar/2019

Dubai: The Abu Dhabi Airports Free Zone (ADAFZ) has reduced the fees associated with setting up a business by more than 65 per cent.

In a

Shorter payment cycle for SMEs expected to boost economic activity07/Mar/2019

Dubai: The Government of Dubai’s plans to shorten payment cycles to small and medium enterprises (SMEs) will help boost the liquidity and eco

Dubai rolls out 5 new initiatives to boost business06/Mar/2019

The Government of Dubai's Department of Finance (DOF) has launched a second package of economic growth initiatives aimed at enriching the emira

Five common financial mistakes to avoid in 201905/Mar/2019

Many of you might be thinking of making new financial resolutions. And these monetary goals can be the absolute hardest to keep. When it comes to m

DWTC strengthens Dubai's position as business hub02/Mar/2019

Dubai World Trade Centre (DWTC) continues to play an integral role in strengthening the emirate's position as a global economic hub by generati

Why UAE markets are looking good in 201901/Mar/2019

The year 2018 witnessed mixed sentiments on the back of unexpected global events but 2019 is likely to be an exciting year for capital markets. The

UAE waives Dh361 million loans of over 3,000 Emiratis26/Feb/2019

Abu Dhabi: The Debt Settlement Fund has announced that Dh361 million worth of loans of 3,310 Emiratis have been waived off in cooperation with

UAE quickly emerging as a preferred investment destination25/Feb/2019

Given how uncertain and volatile the global economic and political landscape currently is, with market uncertainty pervasive and investor confidenc

Total bank deposits in UAE drop, but money in circulation grows: central bank data20/Feb/2019

Dubai: The UAE Central Bank monthly bulletin for the month of January showed an increase in both money in circulation and long-term deposits. Howev

Dubai Exports unveils 'Exporters Gateway'19/Feb/2019

Dubai Exports has launched the 'Exporters Gateway,' a knowledge platform that provides vital economic and trade data for the UAE and Dubai

Food delivery? VAT compliance should be on the menu18/Feb/2019

Getting food at your doorstep using technology could have never been imagined until the tech giants like Uber, Zomato and more recently Talabat and

UAE continues to provide robust support to startups15/Feb/2019

The UAE's unprecedented support to its startup community was evident at the two-day Step conference this week, with massive support from all ke

World Bank to establish UAE office in Abu Dhabi Global Market14/Feb/2019

Dubai: The World Bank will be establishing its office in the Abu Dhabi Global Market (ADGM), the International Financial Centre on Al Maryah Island

No VAT on bank deposit interests and dividends in UAE13/Feb/2019

The Federal Tax Authority (FTA) on Tuesday advised companies not to report interest income earned from bank deposits and dividends which are outsid

New licences up 20% in Jan as Dubai non-oil growth rebounds12/Feb/2019

Signifying a robust rebound in non-oil growth in Dubai at the start of 2019, the issue of new licences jumped 20 per cent to 2,046 during January 2

Credit guarantee scheme for SMEs in UAE launched09/Feb/2019

Dubai: Emirates Development Bank (EDB) on Monday launched a Dh100 million credit guarantee scheme for small and medium enterprises (SMEs) in the UA

UAE and Saudi bourses partner for dual listings08/Feb/2019

Abu Dhabi Securities Exchange (ADX) and Saudi Stock Exchange (Tadawul) have signed an agreement to strengthen bilateral cooperation in the dual lis

No VAT on donations, grants, sponsorships in some cases: FTA06/Feb/2019

The Federal Tax Authority, FTA, has clarified that donations, grants and sponsorships are outside the scope of Value Added Tax, VAT, only when no b

Dubai plans e-commerce zone with investment of $545m05/Feb/2019

State-developer Dubai South said on Monday it aimed to spend Dhs2bn ($545m) to build an e-commerce free trade zone offering foreign firms 100 per c

Corporate Update05/Feb/2019

Sharjah Islamic Bank profit surges 7% to Dh510 million

Sharjah Islamic Bank (SIB) posted a net profit of Dh510.4 million

Bank Updates05/Feb/2019

Emirates NBD hits record Dh10 billion profits in 2018

Emirates NBD, Dubai’s largest bank, on Wednesday said its ne

UAE set to introduce digital tax stamp scheme for tobacco products in 201904/Feb/2019

Looking ahead, the forthcoming tax period will see the implementation of several new regulatory mechanisms and systems.

The UAE is also s

UAE’s growth will gain momentum in coming years04/Feb/2019

Non-oil growth in the UAE will expand further in 2019 and 2020 on the back of fiscal stimulus and fast-track preparations for Expo 2020 Dubai, and

Free zones lift UAE non-oil trade by 2.5% to Dh1.2 trillion28/Jan/2019

The UAE's non-oil foreign trade grew 2.5 per cent to Dh1.2 trillion in the first nine months of 2018 as compared to Dh1.17 trillion during the

VAT in UAE: You need to deregister if...21/Jan/2019

Companies and individuals who registered with the Federal Tax Authority (FTA) for value-added tax can deregister if their annual turnover did not e

FTA issues guidelines for foreign businesses' VAT refund in UAE21/Jan/2019

The Federal Tax Authority (FTA) has outlined four conditions that would allow foreign businesses to recover value-addded tax (VAT) incurred in the

650,000 VAT returns submitted in first year of tax levy19/Jan/2019

The Federal Tax Authority (FTA) on Saturday announced that the number of businesses registered for value-added tax (VAT) exceeded 296,000 while 650

FTA clarifies VAT for independent director fees18/Jan/2019

The Federal Tax Authority (FTA) has confirmed that the date of supply for value-added tax (VAT) with regard to independent directors' services

Startups won't stop: UAE ecosystem set for livelier 201915/Jan/2019

The UAE's startup ecosystem is poised to become more buoyant as 2019 unfolds with more appetite for seed funding as well as for larger funds at

GCC economies to focus more on diversification12/Jan/2019

The global economy will see slower growth in 2019, but the overall outlook remains positive for the GCC, with many countries such as the UAE focuse

Dubai waives bank guarantee requirement for tourism firms, to issue Dh250 million in refunds09/Jan/2019

Dubai: Companies in the tourism industry will soon be able to get back the bank guarantees they had earlier set aside when they started doing their

UAE’s banking sector profitability to remain strong in 201907/Jan/2019

Dubai: The UAE’s banking sector maintained steady asset growth, improved profitability and asset quality in 2018 and is expected to deliver s

Dubai to deliver driver’s licences straight to homes02/Jan/2019

Dubai: Residents who faced mobility issues will no longer have to go out of their way to obtain road-related services.

The Roads and Tran

UAE sees 3,800 VAT refund transactions daily11/Dec/2018

The number of retail outlets linked to the VAT refund scheme has reached 6,903 with 3,800 digital transactions on average being processed everyday,

New banking service at ADCB exclusive for Emiratis05/Dec/2018

The Abu Dhabi Commercial Bank (ADCB) has launched a service exclusive for Emiratis.

“ADCB Emirati” is a comprehensive service

Al Etihad Credit Bureau goes digital with mobile app23/Nov/2018

Dubai: Al Etihad Credit Bureau (AECB) has begun to make credit reports and credit scores available through its dedicated mobile application.

Tax refund scheme for tourists in UAE takes effect: What you need to know20/Nov/2018

Dubai: The UAE has officially joined the list of countries that offer some tax money back to tourists, with the new VAT refund scheme taking into e

Unlimited VAT refunds for tourists visiting UAE15/Nov/2018

Tourists visiting the UAE have a reason for joy as the government has set no minimum limit for tourists' VAT refund, which will come into effec

Tourists to receive VAT refunds from November 1823/Oct/2018

Dubai: Tourists will be able to claim back Value Added Tax (VAT) on any purchases they make in the UAE from November 18, it was announced yesterday

FTA simplifies VAT refund for UAE nationals17/Oct/2018

Abu Dhabi: The Federal Tax Authority (FTA) has announced that procedures to reclaim value-added tax (VAT) for UAE nationals who are building new re

FTA holds awareness drive on UAE's tax refund scheme02/Oct/2018

Dubai: The Federal Tax Authority (FTA) has held an awareness session in Ajman to introduce to retailers the simplified online procedures for regist

Types of mortgage loans available in the UAE27/Sep/2018

Finding the right bank for a mortgage loan is the first step prior to a property hunt. Financial institutions provide different types of mortgages,

New system for collecting tobacco tax starts in 201917/Sep/2018

The new system for the collection of excise taxes of tobacco and related products will go into effect in the beginning of 2019, according to the Fe

UAE gold prices fall further, now Dh17 cheaper per gram13/Sep/2018

Dubai: Gold fans in UAE are likely to save money on jewellery purchases if they hit the shops today, as the precious metal continues to lose its sh

Are Indian rupee, Philippine peso weakest currencies right now?12/Sep/2018

Dubai: UAE expatriates from a number of Asian countries may have a reason to rejoice these days, with the value of the US dollar rising significant

Dubai issues 1,221 new licences in August12/Sep/2018

Dubai: The Business Registration & Licensing (BRL) section in the Department of Economic Development (DED) in Dubai completed 17,710 transactio

Dubai’s private sector activity picks up speed after the summer lull11/Sep/2018

Dubai: Non-oil private sector in Dubai reported modest growth in output in August with the headline Dubai Economy Tracker Index (DET) gaining margi

Dubai FDI in second investment promotion mission to US10/Sep/2018

Dubai: Dubai FDI, the investment development agency of Dubai Economy, is going on a second investment promotion mission to the US this month in a b

India is Dubai Investment Week 2018’s guest nation06/Sep/2018

Dubai: FDI, the investment development agency of Dubai Economy (DED), announced that India will be the guest nation of the upcoming fourth edition

UAE PMI data shows employment declined in August05/Sep/2018

Dubai: The Emirates NBD UAE Purchasing Managers’ Index, a composite indicator of operating conditions in the non-oil private sector of econom

UAE Central Bank board holds a review meeting04/Sep/2018

Dubai: The Board of Directors of the Central Bank of the UAE (CBUAE) has reviewed a memo regarding the ‘Macro Prudential Policy’ stance

Dubai’s developers throw weight behind ready homes03/Sep/2018

Dubai: It is now developers with ready properties who are going all out on their compelling sales offers — and payment incentives to boot in

UAE gold prices fall further on strong dollar31/Aug/2018

Dubai: Gold prices in the UAE headed farther south on Thursday as the bullion continued to take a beating from a strong US dollar, thus providing m

Central Bank warns customers to protect credit information30/Aug/2018

Dubai: The Central Bank of the UAE (CBUAE) is reminding consumers of their responsibility to protect their credit information and credit/debit card

Dubai airport to hit 1b passengers this year: Dubai Media Office27/Aug/2018

Dubai: The total number of passengers through Dubai International is set to hit one billion at some point this year, according to the Dubai Media O

VAT refund system for tourists in final stages — Federal Tax Authority10/Aug/2018

Abu Dhabi: The UAE’s Federal Tax Authority (FTA) on Saturday said a system to return Value-Added Tax (VAT) to tourists is nearing its final s

UAE’s non-oil private sector growth spikes04/Jul/2018

Dubai: The UAE’s non-oil private sector output and new orders in June rose at their fastest pace this year, indicating a strong improvement i

Saudi, Kuwait and UAE to support Bahrain's economy28/Jun/2018

Saudi Arabia, Kuwait and the United Arab Emirates will soon announce an integrated program to support Bahrain's economic reforms and its fiscal

Dubai is becoming a less expensive city to live27/Jun/2018

Dubai: The rental declines over the last 12 months are starting to pay off for Dubai’s residents.

A global survey by the consultanc

UAE, Kuwait most vulnerable for cyberattacks in the Gulf25/Jun/2018

Dubai: The UAE and Kuwait are among the most vulnerable for cyberattacks among the Gulf Cooperation Council Council countries in the first quarter,

FTA urges businesses to pay up VAT dues urgently23/Jun/2018

Dubai: Federal Tax Authority (FTA) on Wednesday urged all UAE businesses registered for Value Added Tax (VAT) who missed the deadline for filing th

UAE ranks 17th in global digital competitiveness20/Jun/2018

The UAE is the only country in the Arab world again to be ranked among the top 20 in the digital competitiveness index, according to a report relea

UAE on a positive growth trajectory as real GDP grew 0.8% in 201713/Jun/2018

Dubai: The UAE’s real gross domestic product (GDP) grew 0.8 per cent in 2017, according to preliminary estimates by the Federal Competitivene

Expo 2020 Dubai to boost logistics industry07/Jun/2018

Dubai: The World Expo 2020 Dubai will boost the logistics industry as billions of dollars are being invested in infrastructure and logistics servic

Dubai leads regional, global rankings in IMD Competitiveness Report06/Jun/2018

Dubai has been ranked first in the Arab world in terms of government budget as a percentage of gross domestic product (GDP), according to the Compe

Al Bustani says taking VAT off gold and jewellery will allow industry to thrive06/Jun/2018

Abu Dhabi: Khalid Ali Al Bustani, the Director-General of the UAE’s Federal Tax Authority, on Wednesday said cabinet’s decision to decr

Firm oil prices, new ownership rules boosting confidence in UAE’s non-oil economy06/Jun/2018

Dubai: New ownership rules and firm oil prices are boosting the confidence level in non-oil economy of the United Arab Emirates, despite short-term

Dubai FDI Monitor points strong gains in foreign investments in 201704/Jun/2018

Dubai: Dubai is fast emerging as a hot destination for foreign direct investments (FDIs), especially in high tech industries and new technologies,

Dubai’s property brokers will get a reality check in 202001/Jun/2018

DUBAI: Do away with real estate brokers altogether? Where every transaction can be done directly between a buyer and seller — or a landlord a

Price matters in UAE real estate31/May/2018

Price continues to weigh heavily on real estate purchasing decisions across the UAE, as majority of homebuyers and investors look for value-for-mon

UAE, Canadian ministers discuss trade, cooperation.29/Mar/2018

Ottawa: Shaikh Abdullah Bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, met with Francois-Philippe Champagne, M

UAE, Saudi Arabia sign deal to avoid double taxation28/Mar/2018

The UAE’s Ministry of Finance signed an agreement with Saudi Arabia for the avoidance of double taxation and prevention of tax evasion with r

Dubai among world's most powerful cities for talent, business23/May/2018

Dubia: Dubai has been ranked for the first time among the world’s most powerful cities for attracting expatriates and businesses.

I

UAE passport now 23rd most powerful in world23/May/2018

Dubai: The UAE has consolidated its position as one of the world’s most powerful passports, now ranked 23rd globally and offering more ease o

VAT charges removed on gold at wholesale level22/May/2018

Dubai: The UAE has rolled back the 5 per cent Value Added Tax (VAT) on gold and diamond sectors at the wholesale level. Retailers will continue to

Of Mice and Men: Event organisers ‘celebrate’ decision to refund VAT18/May/2018

Dubai: Event organisers in the UAE are celebrating the government’s decision to provide refunds on the value added tax (VAT) paid by companie

UAE tops commodity trade index16/May/2018

Dubai: Dubai tops the world commodity index unveiled in London on Tuesday as part of Dubai Multi-Commodities Centre’s (DMCC) Future of Trade

UAE Cabinet approves VAT refund for organisers of exhibitions, conferences14/May/2018

Abu Dhabi: The UAE Cabinet on Sunday has approved a decision pertaining to the refund of VAT on organisations involved in organising exhibitions an

Highest and lowest paying jobs in UAE this year02/May/2018

Dubai:  When looking for jobs, people normally tend to gravitate towards those that can have a positive impact in their lives, especially the

Dubai’s rental declines cool off in first quarter23/Apr/2018

Dubai: Residents expecting a further — and immediate — drop in rents need to be patient.

The rate of decline in rents seem to

DMCC looks to boost ties, trade with India19/Apr/2018

Dubai: Dubai Multi Commodities Centre (DMCC) has signed a Memoranding of Understanding with the Institute of Directors, India, to strengthen ties w

Global economy to grow at 3.8% in 201818/Apr/2018

Dubai: Global growth is projected to strengthen to 3.9 per cent in 2018 and 2019, up from 3.8 per cent in 2017, driven by a projected pick-up in em

Abu Dhabi developers get all cautious on off-plan launches17/Apr/2018

Dubai: Abu Dhabi’s developers are not rushing out with new launches … and that’s a good thing these days.

“Devel

Dubai economic package to boost investments, job growth16/Apr/2018

Dubai: Government of Dubai has called on government departments to work on a comprehensive reform package to boost business confidence and economic

Mena investment banking fees declined 6% in first quarter 201814/Apr/2018

Dubai: Middle Eastern & North African (Mena) investment banking fees declined six per cent year on year in the first quarter of 2018 to $243.1

UAE authority issues stern warning to tax dodgers12/Apr/2018

Dubai: To mark the 100th day of value added tax (VAT) in the UAE, the Federal Tax Authority launched a scathing attack on businesses that had faile

UAE achieves '98.8 per cent VAT compliance': Federal Tax Authority11/Apr/2018

Dubai: Nearly 100 per cent of companies in the UAE that were obliged to pay value added tax (VAT) have since registered to do so, according to Khal

Dubai’s private sector business conditions improved in March10/Apr/2018

Dubai: Dubai Economy Tracker (DET) data for March signalled an improvement in business conditions across Dubai’s non-oil private sector with

UAE to participate in joint meeting of Arab financial institutions09/Apr/2018

Dubai: The Ministry of Finance (MoF) is participating in the joint meeting of Arab Financial Institutions, which will take place in Jordan this mon

UAE consumers become more cost-conscious07/Apr/2018

Dubai: Consumers in the UAE are becoming more cost-conscious and less brand-loyal, according to a recently released survey.

Shoppers in S

Australia confirms participation in Expo 2020 Dubai06/Apr/2018

Dubai: On Thursday Australia confirmed its participation in Expo 2020 Dubai, the first World Expo to be held in the Middle East, Africa and South A

Oman central bank eases capital, lending curbs in bid to spur growth04/Apr/2018

DUBAI: Oman’s central bank said on Tuesday it is relaxing capital and credit exposure rules for commercial banks and taking other steps to bo

More UAE consumers now pay with credit, debit cards instead of cash02/Apr/2018

Dubai: For many people in the UAE, cash is dying.  According to the latest data supplied by a market research firm, UAE consumers are increasi

Dubai’s developers aim big with ‘co-living’ spaces31/Mar/2018

Dubai: A younger buyer profile is starting to figure more prominently in Dubai developers’ plans. And “co-living” spaces are what

UAE, UK, Australia sign aviation security deal29/Mar/2018

DUBAI: The governments of the UAE, the UK and Australia on Wednesday signed an agreement to increase cooperation and collaboration regarding airlin

Smart Dubai signs agreement with Business Sweden28/Mar/2018

Smart Dubai signed an agreement with Swedish trade and investment board — Business Sweden — to cooperate and exchange expertise on adva

Fit-out projects in Gulf seen at $9b this year27/Mar/2018

Dubai: The fit-out projects in the Gulf are expected to be worth about $9 billion (Dh33.06 billion) this year as building construction activity gai

UAE, South Korea sign a number of trade agreements26/Mar/2018

Abu Dhabi: A host of Memorandums of Understanding (MoUs) were signed between the UAE and South Korea on Sunday following a meeting between the two

Another strong year in sight for the Gulf IPO market24/Mar/2018

Dubai: Another strong year is in sight for the Initial Public Offering (IPO) market.

Companies in the Gulf raised $3.3 billion (Dh12 bill

Construction sector to remain positive in Dubai, executives say24/Mar/2018

Dubai: MAPEI, the privately owned Italian construction chemicals, yesterday inaugurated its expanded facilities in Dubai.

The company is

UAE economy to benefit from trade growth in 201823/Mar/2018

Dubai: The UAE’s trade will benefit this year from rising oil prices, improved macroeconomic outlook for country’s key trading partners

Expo 2020 Dubai launches new career portal22/Mar/2018

DUBAI:  Expo 2020 Dubai has launched a new career portal to allow talented and ambitious individuals to join the ranks of its expandin